[rdl]

Preference is the thing that fucks you, not dilution directly. Dilution, assuming no down-rounds, is likely to be no more than 50% in total, because it's iterated -- all the early people get diluted in the first financing, but the first investors also get diluted in the next rounds, so rounds after A, unless something is very wrong, are usually more like 10-20% dilution each time, tops.

It's preference which turns a $200mm exit on a company which has raised $150mm into essentially a non-event for common stockholders (i.e. employees).